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UNICO AMERICAN CONVERTS $1 MILLION OF SHORT-TERM DEBT

 WOODLAND HILLS, Calif., Jan. 18 /PRNewswire/ -- Unico American Corporation (NASDAQ: UNAM) said today it has exercised its option to convert $1 million of short-term debt which was due on Jan. 15, 1993 into $250,000 of debt due on Jan. 15, 1994, $250,000 of debt due on Jan. 15, 1995 and 144,062 shares of its common stock. The converted debt represents a portion of the $2 million loan raised in a private placement with an unaffiliated entity in June 1992. Proceeds from the private placement were used by Unico, together with other funds, to increase the capital and surplus of its wholly owned insurance subsidiary, Crusader Insurance Company.
 The new shares issued represent approximately 2.5 percent of Unico's 5.8 million common shares which were outstanding prior to the conversion.
 Unico American Corporation is an insurance holding company which provides property, casualty, health and life insurance, as well as related premium financing through its wholly owned subsidiaries.
 -0- 1/18/93
 /CONTACT: Lynn Morgen or Michele Katz of Morgen-Walke Associates, 212-986-5900, for Unico American Corporation/
 (UNAM)


CO: Unico American Corporation ST: California IN: INS SU:

SM -- NY035 -- 5875 01/18/93 12:03 EST
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Publication:PR Newswire
Date:Jan 18, 1993
Words:197
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